Legal Structure
- A board of directors usually headed by the authorised corporate director (ACD) – An ACD is a FSA authorised firm that assumes full control of the board. The board's responsibilities include: dealing with the day to day operation of the company, managing the company's investments, buying and selling the ICVC's shares on demand, and ensuring accurate pricing of shares at net asset value.
- Depositary – The depositary is a firm (usually a bank) authorised by the FSA, independent of the ICVC and of the directors of the ICVC. The depositary holds legal title to the ICVC investments and is responsible for their safe custody. The depositary can appoint sub-custodians to take custody of the assets but will remain ultimately responsible. The depositary has responsibility for taking reasonable care to ensure the ACD complies with the key regulatory requirements.
- The shareholders have the rights to the ICVC's assets.
Read more about this topic: Open-ended Investment Company
Famous quotes containing the words legal and/or structure:
“We should stop looking to law to provide the final answer.... Law cannot save us from ourselves.... We have to go out and try to accomplish our goals and resolve disagreements by doing what we think is right. That energy and resourcefulness, not millions of legal cubicles, is what was great about America. Let judgment and personal conviction be important again.”
—Philip K. Howard, U.S. lawyer. The Death of Common Sense: How Law Is Suffocating America, pp. 186-87, Random House (1994)
“Man is more disposed to domination than freedom; and a structure of dominion not only gladdens the eye of the master who rears and protects it, but even its servants are uplifted by the thought that they are members of a whole, which rises high above the life and strength of single generations.”
—Karl Wilhelm Von Humboldt (1767–1835)